Exam 10: Product and Service Strategies

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A product a customer keeps on hand and replenishes when the product runs out is called a staple.

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Match each item to the statement or sentence listed below. a.marketing mix b.benchmarking c.product d.convenience product e.shopping product f.specialty product g.product line h.product mix i.unsought product j.maturity stage k.raw materials l.total quality management m.product life cycle n.installations o.services p.impulse goods q.wholesaler r.business-to-business (B2B) s.supplies t.emergency goods u.component parts v.staples w.line extension -A series of related products offered by one company is a(n) _____.

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Which term refers to the development of individual offerings that appeal to different market segments while remaining closely related to the existing product line?

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The product mix is the assortment of product lines and individual product offerings that a company sells.

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What is the basic characteristic of accessory equipment in the business market?

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Examples of impulse goods and services include stopping at a car wash on the way home or buying a pack of gum while standing in the checkout line.

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Some firms try to differentiate their products during the maturity stage of the product life cycle. What do these firms use as a basis for differentiation?

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Match each item to the statement or sentence listed below. a.marketing mix b.benchmarking c.product d.convenience product e.shopping product f.specialty product g.product line h.product mix i.unsought product j.maturity stage k.raw materials l.total quality management m.product life cycle n.installations o.services p.impulse goods q.wholesaler r.business-to-business (B2B) s.supplies t.emergency goods u.component parts v.staples w.line extension -A(n) _____ offers unique characteristics that cause buyers to prize those particular brands.

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Benchmarking is the method of measuring quality by comparing performance against industry leaders.

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In what stage of the product life cycle should a firm's marketing strategy emphasize stimulating initial demand?

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What is adding individual offerings that appeal to different market segments known as?

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Which of the following best describes a product?

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Russell works for a cell phone provider. When dealing with customers he always conveys confidence that he can provide the exact assistance they need. Which service quality variable is Russell exhibiting?

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What is a company practising when it institutes a continuous effort to improve products and work processes?

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Shopping products can be goods or services. In either case, the purchaser of a shopping product lacks complete information prior to the buying trip and gathers information during the buying process.

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MRO items, although relatively standardized, are rarely subject to heavy price competition.

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Services are growing in importance because of increased consumer demands for speed and convenience and technological advances that allow firms to fulfill this demand.

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While in Best Buy, a customer takes a great deal of time comparing the quality, features, and prices of a number of refrigerators. What is this customer examining?

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Extending a product line allows a firm to maximize sales opportunities without being limited by its resources.

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Match each item to the statement or sentence listed below. a.marketing mix b.benchmarking c.product d.convenience product e.shopping product f.specialty product g.product line h.product mix i.unsought product j.maturity stage k.raw materials l.total quality management m.product life cycle n.installations o.services p.impulse goods q.wholesaler r.business-to-business (B2B) s.supplies t.emergency goods u.component parts v.staples w.line extension -is a continuous effort to improve products and work processes.

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